This is probably the most straightforward article you’ll ever read about marriage and finances.
Relationship goals: be financially stabled together
It was Benjamin Franklin who said: “Beware of the little expense. A small leak will sink a great ship.” I totally agree with him. Most often than not, lack of knowledge in financial management (besides infidelity) is evidently the culprit of every broken marriage. In fact, an article shared by Psychology.com expounded that if one of you is reckless with money, it will affect the longevity of your relationship. When one lacks self-discipline in money, the marriage will falter and so will the family. Consequently, married couples can prevent this from happening by being honest to each other.
Shield your marriage with these money tips. Here are 5 simple ways you can avoid marital issues.
5. Open a separate savings account
Financial independence is good when done properly. Encourage your spouse to open separate savings account for your household and extra-curricular activities’ use. Financial experts, including Dr. Phil, believes that financial independence is a must. Honesty is the key, so to speak.
4. Keep an “open book”
Do not feel ashamed by telling your partner about your financial issues. After all, when you marry each other, you also marry the “flaws.” Boston Globe correspondent Rick Fingerman lists “not discussing your credit history with your prospective spouse” is considered as one of the 10 biggest pitfalls in marriage. Ultimately, keep in mind, that while privacy is equally important, being honest is a great investment too in having a healthy and successful married life.
3. Consider talking to a tax consultant
Ideally, it is essential to speak to a financial or tax consultant before marriage so you’d know what steps to do. Oftentimes, the tax implications of joint ventures are the root cause of fluctuating amounts. For example, your combined salaries can put you into a higher tax bracket. In the US, high wage earners often get charged a higher rate of tax amount after marriage.
2. Save for the Inevitable
No one is exempted from the constant change. Everyone will eventually stress over the drastic changes in life. Therefore, secure your future by saving enough money to sustain your life should there be an emergency. Make a joint account and use it as emergency funds.
1. Set a budget for your health
Postpone “til death do us part,” by developing a healthy routine.
Encourage each other to set a budget for your gym visits and health food grocery trips. Ideally, experts highly encourage married couples to be creative in how to talk about “budget” to avoid superiority complex. The longevity of your relationship depends on how open-minded you are.
A great marriage doesn’t stop from exchanging vows. Rather, it is a development and nonstop nurturing. It is a mutual understanding, joint-effort, or a two-way communication. Therefore, do not let your “ship” sink just because of selfishness and lack of knowledge in managing your finances.
Remember, keeping your finances under control keeps a marriage strong.
Do you have money tips to share to secure your marriage? Share them with us by leaving a comment below.